Spend, Save and Invest Smartly

Income Tax Slabs for a Young Man in the Financial Year 2012-2013

When I write about this topic I am reminded of a saying "One Swallow does not make a Summer" So What Does It Mean…Basically one good or one bad is not representative of the Whole ..Most of the people follow an Ostrich in the Sand Approach and do not want to discuss insurance because it reminds them of death. Here death is a certainty for all of us. Hence wouldn’t it be great if all of us make a plan in order to safeguard our investments by taking a term life policy. In order to learn more about term life insurance and your Insurance planning needs you can read through Moneymindz.com.

I’m Young, And Not Planning On Dying Any Time Soon…

Here when death comes, It comes unannounced without knocking. One cannot purchase a policy when one is dead. Here you have to purchase the term policy at the right time and age. The best time to purchase these policies is when one is young and healthy. Here even if you are healthy, the older you are , more would be the premiums. Here because you are young you are eligible to get term insurance at rates known as preferred rates or low inexpensive rates. This helps to get financial security at a low cost. However one must guard against mis-selling, fraud and cheating practices rampant in the Financial Industry .Remember As You Sow So Shall You Reap… Hence one must buy a term policy as early as possible. For Your Financial and Insurance Planning Needs one can look up the website Moneymindz.com

I Am Covered By Insurance Through My Job…

Here life cover provided through a job is a great benefit ,but only a temporary measure to suffice. This policy would end when one leaves his job. Here a personal policy stays with you wherever you may go. Here an insurance policy taken through one’s job may not be enough as the Company might have insured you based on your salary or for a modest amount. Your needs might be different and you might require a higher sum assured. Here one might require as a rule of thumb 10-20 times his annual salary. Here Never Count Your Chickens Before They Hatch…

I Won’t Be Able To Get Insurance Because I am A Smoker…

The cost of any insurance policy is based on the amount of risk to the insurer. Even though you might not be turned down you would be paying a higher premium. Here a smoker would pay a slightly higher premium when compared to a non smoker. Moreover the benefits might be restricted for say the first two years. If a policyholder has developed the smoking habit after taking the policy he has to disclose this and he would be put in a higher risk pool or category. This is necessary as violations may result in decline of the claim in extreme cases .. Isn’t That Reason Enough To Quit The Butt …

Term Insurance Is Pure Insurance Without Investment Benefits Isn’t It

Here the purpose of life insurance is to cover the risk of loss of potential income through an untimely death of a primary breadwinner. Here one must note that term insurance pays only the sum assured on the death of the policyholder during that insured period and no additional benefits. But aren’t non term plans which combine investment with insurance like Killing Two Birds With One Stone? Here one notices that insurance cover is minimal and returns are much lesser than what one would obtain if one goes for a pure investment policy like a mutual fund. Here insurance term needs to last only as long as we earn. We expect our life savings to cover our post retirement years. Hence we should book an online term policy in order to cover our insurance needs. For investments we can always use mutual funds, Remember to read the fine print and terms of your coverage in order to understand them and buy yourself the best policy. Always Cut Your Coat To Suit Your Cloth…On a Lighter Note…Money Talks.. But All Mine Says Is GoodBye..If you have any complaints regarding mis-selling then you can post your complaints on Moneymindz.com.

Avoid Taking Policy To Please Friends And Relatives

Here one must take one’s policy based on one’s requirements after through online research. Here taking of policies just to please business associates, friends or relatives might not be the right way to go about one’s insurance needs .If You Want A Thing Well Done Then Do It Yourself.

Ones Bought Forget The Policy

Here one cannot just buy and forget the policy. One has to maintain focus and pay his premiums on time. In addition one has to review one’s policies as one moves through varies stages of life, and decide which is the best policy based on life situations. Never postpone your priorities as Tomorrow Never Comes. I would like to remind all of you that the team of Financial Planners at Moneymindz.com are always there for you to plan your Insurance needs in a most effective and efficient manner. You can explore this unique Free Advisory Service just by giving a missed call on 02262116588.

Private Insurance Companies Cannot Be Trusted Isn’I It Right

Here IRDA Rules and Regulations govern the insurance sector in India. Here Private Insurance companies are answerable to rules and regulation and doing business with them proves to be safe in India.

If I Am Alive Then I Need Insurance

Here insurance takes care of one’s dependents after he has passed away. If he has no dependent then most probably he would not require an insurance policy. Here a single person might need to review his insurance needs . Remember There Is A Time And Place For Everything. It is always good to weigh ones needs and prioritize ones requirements as per these needs. I would like to remind all of you that the team of Financial Planners at Moneymindz.com are always there for you to plan your Insurance needs in a most effective and efficient manner. You can explore this unique Free Advisory Service just by giving a missed call on 02262116588.

Buying Life Cover In The Name Of My Wife

Here a lot of policyholders buy a term policy in the name of their wife. If one buys a policy in the name of his wife he would get the sum assured if something happens to her. However if he is the primary breadwinner and something happens to him then no sum assured is paid. It Is Futile To Cry Over Spilt Milk.

Tax Implications Of Term Life Policy

Here any sum received under a life insurance policy is tax exempt under clause (10D) of section 10 on the condition that the premium paid for such a policy does not exceed 10% of actual capital sum assured. On a lighter vein. A Fine Is A Tax For Doing Wrong..A Tax Is A Fine For Doing Well… Here we have covered some of the myths associated with term life Insurance. Here One Man’s Meat Is Another Man’s Poison. .It is always good to test the waters yourself without entrusting the job to someone else…Never Believe a Myth Unless You test it yourself. If you want to post your comments and reviews you can do so on Moneymindz.com

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